Ping An fintech unit aims for HK IPO

OneConnect, the financial technology unit of Shenzhen-based Ping An Insurance, has selected Goldman Sachs, JPMorgan and Morgan Stanley to work on its Hong Kong initial public offering (IPO) of up to US$1 billion with a targeted valuation of about US$8 billion, reports Reuters.

OneConnect, which provides technology solutions to small and medium-sized financial institutions, raised US$750 million in its maiden funding round in 2018 , valuing it at US$7.5 billion. It counts Japan’s SoftBank and Japanese financial firm SBI Group as some of its main investors.

Read more..